The book was written in 2006, & the author made what turned out to be some very accurate predictions about the volatility and higher prices ahead in the oil markets.
Message Posted: May 14, 2012 12:24:57 PM
he shows that even in the days of whale oil, producers were trying to establish cartels to control prices.
One very interesting issue he writes about is the rate at which energy substitutions have taken place throughout history. Moving from wood to coal took 75 years, which was the fastest substitution in history. Coal to oil took 100 years (but of course coal never went away; it just lost market share to oil). The point is that a transition away from oil is likely going to take far longer than many people believe. There is no historical precedent that shows that these transitions can occur quickly.
He describes 4 phases so
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